The following specification particularly describes the invention and the manner in which it is to be performed.
FIELD OF INVENTION
This invention relates to a system for financial and project progression traceability and process for the same. Particularly this invention relates to a system to facilitate sanction and disbursement of the loan / finance to an applicant and continuous monitoring of financials and project progression taken care of by the applicants.
BACKGROUND OF THE INVENTION
Finance / loan, for example, industrial loans, construction loans, individual loans, business loan, personal loan, home loan and finance for a different project are provided by the different finance companies, non-Banking financial institutions or banks. These financial companies or banks have different criteria and interest rates. In the process of sanctioning a loan, an applicant needs to do lots of paperwork and wasting time in processing the application. Nowadays, some finance companies and banks are accepting online loan applications but later they also summit manual documents and check manually. Also, the finance companies/banks connect applicants via one way messenger, for example, email, message, phone, etc. so that the conventional system does not connect finance companies/banks and applicant directly till the completion of the project via online networking constantly.
China patent no. (CN107194801A), teaches about a system for determining approval of a transaction between a merchant and a customer over a network, wherein the system comprises: a network; a customer computer associated with a customer and connected to the network, wherein the customer computer further comprises a first set of data including an amount the customer agrees to pay a merchant for a product in a first currency; a merchant computer associated with the merchant and connected to the network, wherein the merchant computer further comprises a second set of data including a product price at which the merchant agrees to sell the product in a second currency; and a server connected to both the customer computer via the network and the merchant computer via the network for receiving the first set of data and the second set of data, for converting the amount in the first currency into a converted amount in the second currency, and for approving the transaction when the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates.
WIPO (PCT) patent no. (WO1997004411A1), teaches about a process or transferring funds through a communications network, comprising the steps of: receiving first data input with an input terminal and matching said first data with a record of a source account, the record being stored in a first host system and including an indication of a type of currency maintained in the source account; receiving second data provided with the input terminal, the second data indicating a recipient account and verifying the validity of the recipient account; receiving third data provided with the input terminal, the third data corresponding to a requested amount to be transferred from the source account to the destination account, the requested amount being input in a selected format corresponding to the type of currency maintained in one of the source account and the destination account; calculating a total debit amount to be debited to the source account; displaying the total debit amount in the selected format and requesting authorization to implement a requested transfer; and subsequent to receiving authorization to implement the requested transfer, transmitted an electronic message authorizing a credit to the destination account by the requested amount; and subsequent to receiving authorization to implement the requested transfer, debiting the source account by the total debit amount.
China patent no. (CN109615510A), teaches about a kind of supply chain finance based on the block chain is multistage to increase letter method, which comprises the steps of: S1, it is based on blockchain technology, building can be achieved by core enterprise, Tier One supplier, upstream supplier, financial institution, silver The block chain business service platform for the supply chain financial service alliance chain that row participates in many ways. Each node in S2, supply chain financial service alliance chain is kept accounts according to the different node of the different demarcation of its role. Permission;S3, supply chain financial service alliance's chain are honoured an agreement from traditional contracts to be integrated contract in system and honours an agreement information, described in acquisition The relevant information of the accounts receivable of core enterprise, accounts receivable of the supplier according to the core enterprise, Xiang Suoshu blockchain industry Business service platform application long term financing. The core enterprise audits institute according to the transaction accounts receivable information that e-bidding platform transmits State the authenticity of accounts receivable. After S4, the accounts receivable authenticity validation, the block chain business service platform will be based on intelligent contract technology, according to The accounts receivable generates credits voucher;S5, the credits voucher owner can be financed by the credits voucher to the financial institution, also can be used. The credits voucher pays upstream supplier's accounts payable. When carrying out aforesaid operations, the corresponding credits voucher Owner can change;S6, when a triggering condition is met, the credits voucher can execute corresponding actions automatically. The trigger condition is accounts receivable. Time expires, after the accounts receivable time expires, an intelligent contract will be triggered, and be automatically performed transferring accounts for a fixed route.
There are disadvantages associated with conventional systems. One of the disadvantages is that the conventional system requires more time for finance / loan processing and formalities.
Another disadvantage associated with the conventional systems is that the conventional system does not connect financial service providers and applicants till completion of the project, continuously.
Yet another disadvantage associated with the conventional systems is that the conventional system does not trace the financial and project status of the applicants.
Still another disadvantage associated with the conventional systems is that the conventional systems need to submit application documents manually.
A further disadvantage associated with the conventional systems is that the conventional system needs more back-office employees and participants in a financial service provider.
Another disadvantage associated with the conventional systems is that the conventional systems do not store data in digital form.
Yet another disadvantage associated with the conventional systems is that conventional systems are required a high cost of maintenance.
Still another disadvantage associated with the conventional systems is that the conventional systems do not trace the complete history of previous transitions.
A further disadvantage associated with the conventional systems is that the conventional systems do not prevent replacement and forgery of documents.
A further disadvantage associated with the conventional systems is that the conventional systems do not have any system for monitoring the status of the project & finance of the applicant post disbursement. Therefore, there is a need to invent a system which is capable to cater to different requirements of different users at different places on a real-time basis.
OBJECTS OF THE INVENTION
Therefore, an object of the present invention is to provide a system for financial and project progression traceability and process for the same which obviates the disadvantages associated with the prior art.
Another object of the present invention is to provide a system for financial and project progression traceability which reduces time for finance / loan processing formalities and risk associated with the loan & finance.
Yet another object of the present invention is to provide a system for financial and project progression traceability which provides real time monitoring of finance and project progression.
Still another object of the present invention is to provide a system for financial and project progression traceability to provides real time tracking of projects using GPS tracking, GEO fencing, GEO tagging etc. for monitoring project progression.
A further object of the present invention is to provide a system for financial and project progression traceability which provides real time tracking of financial performance of the applicant after the loan is disbursed.
Another object of the present invention is to provide a system for financial and project progression traceability which connects financial service providers and applicants till completion of the project continuously.
Yet another object of the present invention is to provide a system for financial and project progression traceability which traces the financial status of applicants.
Still another object of the present invention is to provide a system for financial and project progression traceability which does not need to submit documents manually.
A further object of the present invention is to provide a system for financial and project progression traceability which reduce back-office employees and participants in a financial service provider.
Another object of the present invention is to provide a system for financial and project progression traceability which store data in digital form.
Yet another object of the present invention is to provide a system for financial and project progression traceability which provides a low cost of maintenance.
Still another object of the present invention is to provide a system for financial and project progression traceability which prevents replacement and forgery of documents.
A further object of the present invention is to provide a system for financial and project progression traceability which traces the complete history of previous transactions.
Another object of the present invention is to provide a system for financial and project progression traceability capable to generate trust between financial service providers and applicants.
STATEMENT OF THE INVENTION
According to this invention, there is provided a system for financial and project progression traceability comprising a novel technology platform (1), adapted to be connected with at least one applicant network server (2) and at least one financial service provider network server (3) being provided on a cloud computing environment (4), a blockchain technology block (5) and a data storage block (6) being provided with the technology platform (1) such that to accepted financial application and store information about the applicant and sending the same to a financial service provider (3), a tracing block (7) being provided with the novel technology platform (1) such to trace information about financial and project status till its completion.
BRIEF DESCRIPTION OF THE DRAWINGS
A system for financial and project progression traceability and process for the same, according to a preferred embodiment of the present invention, is herein described and illustrated in the accompanying drawings, wherein:
Figure 1 – illustrates a block diagram of a system for financial and project progression traceability,
Figure 2 – illustrates process flow diagram of the system of the present invention; and
Figure 3 – illustrates process flow diagram of activating the system of the present invention. .
DETAILED DESCRIPTION OF THE INVENTION
A system for financial and project progression traceability and process for the same is herein described with numerous specific details so as to provide a complete understanding of the invention. However these specific details are exemplary details and should not be treated as the limitation to the scope of the invention. Throughout this specification the word “comprise” or variations such as “comprises or comprising”, will be understood to imply the inclusions of a stated element, integer or step, or group of elements, integers or steps, but not the exclusions of any other element, integer or step or group of elements, integers or steps.
Referring to the drawing figure 1- a block diagram of a system for financial and project progression traceability is shown. The system comprises a novel technology platform (1) adapted to be connected with at least one applicant network server (2) and at least one financial service provider network server (3). The novel technology platform (1) is provided on a cloud computing environment (4) and is adapted to communicate with the applicant network server (2) and financial service provider network server (3). The novel technology platform (1) has a blockchain technology block (5) and a data storage block (6) provided therewith such that to receive and store information received about the financial application of an applicant in the form blockchain encryption and send the same to the financial service provider (3). A tracing block (7) is provided with the novel technology platform (1) to trace the information about the financial status of the applicant and project status executed by the applicant with the help of the technology platform (1) till the completion of the project.
The blockchain technology block (5) is provided for converting, applicant’s information disclosed in the application, into blockchain encryption technology and record data in the form of blockchain. Also, the data is analyzed by blockchain technology and alteration record is maintained. The data is secured with help of blockchain technology. Further the data of the applicant is verified and an account is opened, with the help of novel technology platform (1). The storage block (6) is provided to store all encrypted data at centralized cloud storage in form of blockchain encryption technology with the help of the blockchain technology block (5) and thus the technology platform (1). The tracing block (7) is provided to trace financial and project status of applicants finance / loan through conventional technology solution, for example, Satellite Imagery, Financial and Stock Status with Back-end Analytical Solutions, Geo-mapping, Geo-fencing, Geo-tagging assessment. According to an embodiment, multiple nodes are provided to connect multiple servers at the same time. The novel technology platform (1) is accessed directly or through API (application programming interface) at the applicant network server (2) and the financial service provider network server (3).
Referring to figure – 2, a process for financial and project progression traceability, according to the present invention, comprises in the following steps;
I. In block (1), an applicant accesses novel technology platform (1) and submits finance / loan application on line, along with the required information / data. The application can be through the novel system or through any other system that can be integrated with novel technology platform through API;
II. The applicant's application with the required information / data is converted in the form of a blockchain encryption format;
III. All recorded data is stored in a data storage block, provided in the novel technology platform (1), in the form of blockchain code;
IV. The applicant’s application is sent to the financial service provider / bank by the novel technology platform (1), automatically and upon completion of all the formalities by the applicant;
V. The financial service provider / bank checks eligibility criteria of the applicant for the finance / loan and generate a due diligence report / confirmation report;
VI. A confirmation report, generated by the financial service provider, is sent to the novel technology platform (1);
VII. The confirmation report is analyzed by the novel technology platform (1), based on the information already stored in the novel technology platform (1), and the information submitted by the applicant and sanction report is sent to the applicant;
VIII. If the financial service provider / bank sanction a finance / loan, the novel technology platform (1) verify data about the applicants and provide all data required for opening of an account of the applicant and the account is linked with the invented system for financial and project progression traceability.
IX. The financial service provider / bank transfer the sanctioned money into the applicant’s account and applicant is asked to provide access to his / her account and also to access status report about the project, continuously. In one embodiment the applicant submits account status reports and project status report to the novel technology platform (1) with the help of blockchain technology, periodically, for example, weekly, fortnightly, monthly, quarterly, half yearly and / or yearly basis and the novel technology platform send these reports to the financial institute / bank. Thus, the novel technology platform (1) starts tracing the financial and project status of the applicant's continuously till the completion of the project. The project development is monitored by way of an Enterprise level solution to monitor the growth, for infrastructure, forestry, agriculture related projects, satellite imagery is used for traceability, for retailer, small scale enterprises and distributors the cloud based billing solution should be able to track the inventory position, sale, purchase along with Receivables and Payables ;
X. The novel technology platform (1) sent financial and project status reports to the financial service provider on a weekly, fortnightly, monthly, quarterly, half yearly and / or yearly basis with the help of blockchain technology.
Thus, the novel technology platform (1) analyses day-to-day project progress and send / provided data to the bank, daily, weekly, fortnightly, monthly to facilitate monitoring of the financial and / or project status being carried on by the applicant and as per the requirement for maintaining complete traceability between applicant / customer and bank. Thus, the bank monitors the project and financial trends of the applicant on real time basis. In one embodiment bank obtain status report about the finance and the project from the system of financial and project progression traceability as and when required.
Referring to figure 3, a process flow diagram for activating the system of the present invention is shown. According to the process, a loan application is submitted by an applicant on line / offline and it is checked as to whether a billing and account software (system for financial and project progression traceability) is present or not? If the billing and account software is there then it is connected with the novel technology platform (1) through an API (Application Programming Interface), and if the billing software is not there then it is installed and connected with the novel technology platform (1). Subsequently, the process a described with respect to figure (2) is followed sequentially so as sanction finance / loan and to monitor the financial and project status report.
The advantages of the invented system for financial and project progression traceability is that it is usable as a billing and account software for real time billing and accounting purposes. Also, the system is useful to file an application for financial help or loan from a financial institute and / or bank. Further the system is capable to analyze progress relating to the finance and / or loan and project, as well carried on by the applicant and send reports about financial status of the applicant and project status, periodically, to the financial institute and / or bank in order to inform them about the overall status of the applicant / business owner. Also, the system allows financial institute and / or bank to access the billing and account software / system for financial and project progression traceability, available at the applicant’s facility so as to obtain status reports about the finance / loan and project.
Certain features of the invention have been described with reference to the example embodiments. However, the description is not intended to be construed in a limiting sense. Various modifications of the example embodiments as well as other embodiments of the invention, which are apparent to the persons skilled in the art to which the invention pertains, are deemed to lie within the spirit and scope of the invention.

Claims:We Claim:
1. A system for financial and project progression traceability comprising a novel technology platform (1), adapted to be connected with at least one applicant network server (2) and at least one financial service provider network server (3) being provided on a cloud computing environment (4), a blockchain technology block (5) and a data storage block (6) being provided with the technology platform (1) such that to accepted financial application and store information about the applicant and sending the same to a financial service provider (3), a tracing block (7) being provided with the novel technology platform (1) such to trace information about financial borrowing and project status till its completion.

2. The system for financial and project progression traceability as claimed in claim 1, wherein the novel technology platform is adapted to be connected to a plurality of servers.

3. The system for financial and project progression traceability as claimed in claim 1, wherein the novel technology platform is provided multiple nodes to process multiple applications at a time.

4. The system for financial and project progression traceability as claimed in claim 1, wherein the blockchain technology platform is provided for analyzing applicant's data, maintaining alteration records, and securing data.

5. The system for financial and project progression traceability as claimed in claim 1, wherein data storage block is provided to store the information in the form of blockchain.

6. The system for financial and project progression traceability as claimed in claim 1, wherein the tracing system is provided to trace financial and project status of applicants finance/loan through technology solution, for example, Satellite Imagery, Financial, and Stock Status with Back-end Analytical Solutions, Geo-mapping, Geo-fencing, Geo-tagging assessment.

7. A process for financial and project progression traceability comprising in the steps;
A. Accessing a system of financial and project progression traceability;
B. Submitting financial application along with business details and other required information;
C. Converting financial application, having business details and other required information, into blockchain data for analyzing applicant's details, maintaining alteration records, securing the details and sending the financial application to a financial service provider;
D. Checking eligibility criteria of the applicant’s financial application, conducting assessment, validation of information / documents of the applicant, generating due diligence report based on the information disclosed in the financial application, and sending finance / loan sanction / confirmation report to the applicant in case the applicant is found eligible for finance / loan,
E. Opening applicant account, and transferring sanctioned money into the applicant’s account;
F. Monitoring financial and project status, automatically, on a daily, weekly, bi-weekly, forth nighty, monthly and yearly basis and sending the status report to the financial service provider till the completion of the project.

8. The process for financial and project progression traceability as claimed in claim 7, wherein the system of financial and project progression traceability is accessed directly or through an API (application programming interface).

9. The process for financial and project progression traceability as claimed in claim 7, wherein the system of financial and project progression traceability sends status reports about finance and project to the bank on a daily, weekly, fortnightly, monthly, quarterly, half yearly and / or yearly basis.

10. The process for financial and project progression traceability as claimed in claim 7, wherein bank obtains status report about the finance and the project from the system of financial and project progression traceability as and when required.